24 Jun In this class you have covered, the gray area of the law, the legal environment of the law, contracts agreements and consideration and the environment of risk. Your assign

Week 3-Critical analysis

Submitted by: Michael de Leon

Agreement and Contract

Chapter Nine: The Aspects of Traditional and E-Contracts

A contract (Arrangements made voluntarily by the constituent parties), promise (presents are not considered a contract). An agreement has three parts: mutual acceptance (all parties involved must be in agreement), no defensive agreement systems, and consideration (both sides must give)(An individual may stand in opposition to the girl getting married because she is only 11 years old, for instance.) (Bhanu & Saini, 2020). An agreement weighs the reward to the promisor versus the vulnerable position to the promisee. It is based on state statute and requires both a proposal and an acceptance. Marriage, for example, is a contract! (Bhanu & Saini, 2020)

Parties to the Agreement

· The offeror is the party who tends to make an offer to agree ( an offer is made).

· The offeree is the subject to whom an offer to accept is made (receiving an offer).

By accepting the offeror's offer, the offeree gains the mandate to form a contract. A contract is formed if the offer is accepted.

Contract Enforcement Countermeasures

· Consent must be truthful: The parties' approval to enter into the contract must be forthright (genuine). It is not genuine if consent has been obtained via unnecessary pressure or deception

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· Certain contracts must be written or have a specific version, according to the law, structure and writing.

Failure to have such an agreement in written form or the proper structure may constitute a basis for failing to implement the agreement (Bhanu & Saini, 2020).

Contract Law Sources

· The common law of contracts refers to the law of contract made mainly by state courts.

· Uniform Commercial Code: a thorough statutory agreement covers all aspects of commercial transactions.

· The Law of Contracts Reiterated is a compendium of prototype contract legal norms compiled by legal scholars.

Contract Subdivisions

Bilateral, enforceable, voidable, valid, informal, executed, void, unilateral, formal, and executory contracts are the various types (Bhanu & Saini, 2020).

Chapter 10: Agreements

Contract Proposals: The first aspect of the agreement; however, not all propositions are options.

· Offerer: The person who renders the proposal; he or she normally decides on the requirements.

· Offeree: the individual who accepts the proposal and thus has the power to commit others to the agreement.

Conditions of the Offer:

The objective indication of current contracting intentions

As soon as the offer is accepted, the offerer hopes to reach an agreement.

Evaluation of intent:

· Subjective strategic approach: What exactly did the offeror suggest?

· Objective viewpoint: What impression did the person who offered leave on the globe or those who may have got to hear about the offer?

In the alleged offeror's terms, specificity or concreteness

The proposition must clearly elaborate what the offeror intends to do because:

· Purpose – The less articulate the conditions, the less probable the offeror will agree.

· Ambiguity – If an individual is sued for contractual obligation, the judge will have difficulty deciding because the contract details are not entirely clear.

· Communication from the alleged person offering to the offeree (directly). There is no contract when there is no exchange of information. Direct communication is required; indirect communication is inadequate.

Conditions of an Offer

Offer Requirements

Previously, courts ruled that offerees' were bound by all offer terms.

Contemporary perception – The offeree is just bound by the aspects of the offer he had actual or reasonable notice (Bhanu & Saini, 2020).

Revocation of Offers

· The crucial question is how long the proposal will be open. Was the proposal still open when the offeree attempted to accept it?

· It is not simple to create a legitimate acceptance of a rescinded proposal. There is no acquiescence and no contract if a proposal is revoked.

Chapter 11: Consideration

Consideration presupposes that the parties must engage in negotiating outcomes in a transaction. It can be anything with the financial worth that somebody desires to negotiate for (Stone & Devenney, 2017). Somebody who enters into a contract is known as a promiser. The promisee is the individual who expects to receive the promise. If one party obtains all of the entitlements while another acquires none, the contract is void and unenforceable.

What really is the worth?

· An act is any action that a participant did that was not legitimately permitted to execute.

· Forbearance entails refraining from doing anything that the party has the lawful power to do.

An agreement is endorsed by consideration: to personally profit a single party or to harm a different party.

Worthiness of Consideration

This is a price equal to the value of the act/thing brought back. Courts rarely inquire into the adequacy of consideration.

Illusory Promise

It is a completely unenforceable promise because it is imprecise or lacks reciprocity, and only one party is contractually obliged to fulfill it. A purchase and sale agreement between a buyer and a seller, for example, wherein the seller "undertakes to sell all of the apples he wants and needs to" the purchaser) (Bhanu & Saini, 2020). Since he or she can consider buying a large amount, if any at all, the buyer has absolute control. There is no dedication.

Applications for Consideration

UCC Consideration in Prerequisites as well as Result Agreements:

1. An agreement of prerequisites: The buyer consents to buy all of the products from a single vendor.

2. An agreement for output: The seller guarantees that his/her production will be sold to a single person who approves of accepting the quantity in its entire form.

3. Clause 306 of Section 2: Enables outcome and agreements for the sale of goods.

Workplace Agreements: Trends

A non-compete agreement is one in which a party approves not to work with a competitor for a specified period of time after stepping down. These contracts were once relatively rare and only held in trust for high-level positions, but they are now prevalent in many organizations.

Chapter 16: Breach and Remedies

When one of the parties to the contract fails to perform an unwavering contract-related responsibility, this constitutes a contract breach. The most common form of recourse for contract breach is money – related damages. also recognized as the "law redress." (Rowan, 2012). Among the compensatory damages are remuneration, hypothetical, expropriated, and damages incurred.

Performance and Infringement

If a binding contract is not estopped or the contracting party dismissed is under an utter and total obligation to carry out the duty (Rowan, 2012).

· Parties discontinuing an agreement are referred to as discharged.

· Excused means that the parties have agreed to release themselves from legal liability.

Contract performance can be classified into three types:

1. Cumulative performance

2. Minor breach (or Substantial performance)

3. Material breach (or Inferior performance)

An agreement is broken when both factions fail to fulfill their contractual obligations.

Solutions:

· Equitable redress

· Legal redress

Performance Forms

1. Cumulative performance

A set of circumstances in which one of the contract's parties follows the terms of the agreement exactly. Comprehensive performance exonerates that party from all contractual responsibilities (Rowan, 2012). A contract that has been executed has been wholly executed. A contractual party's unfaltering and irrefutable offer to undertake its contractual commitments is a performance tender. The party is released from its contracting duties.

2. Minor Breach

The performance of the party of the contract diverts attention only slightly from the overall performance. This occurs when a substantial violation of the agreement occurs. If the party in breach does not help solve the contravention, the non-breaching party may claim for breach losses by deducting the cost of repairs from the cumulative contract amount and sending the balance to the breaching party (Stone & Devenney, 2017). If the violating party has indeed been compensated, sue to recover the repairing or replacing the deformity.

3. Material breach

Material breach occurs when a party fails to collaborate explicitly or impliedly contract agreements, thereby diminishing or ruining the relevance of the contract— material violation occurs when a party fails to perform its contract obligations satisfactorily (Samuel, 2013). Whenever a significant breach of accord occurs, the non-breaching group may terminate the deal and seek restitution from the party in breach for any payments made under the contract. May negotiate a deal as if it were still in effect and sue the violator for damages.

Chapter 18: Formation of contracts

To determine whether or not an offer was made, a reasonable, factual, sensible person requisite looks at external manifestations rather than inner thoughts. Exception: when one of the parties has a superior comprehension under which The opposing party does not endeavor to be obligated.

Proposal or Offer

A proposal is a reciprocally properly enforced promise that is made valid and enforceable on the offeree upon acceptance. The offeror must equitably communicate intent to be bound by law to the offeree.

Acceptance

Accepting is a pledge or performance that communicates agreement with the offeror's requirement.A legally binding agreement is formed when the offeree chooses to accept the offer. If the parties do not agree, there is no reciprocated assent that links substantively different perspectives to their instantiations of assent.

By Promise

The offeree must take extra precautions in notifying the offeror of affirmation if the offer is trying to invite acceptance by promise. Parties can concur on an overall notification stipulation as an exception.

By Performance

Only when called up by the offeror, may an offeree accept by performance. Most of the time, no notification is needed. Except for the offeree's understanding that the offeror will most likely be oblivious of performance, the offeror's duty is rebuffed except if he justifiably realizes it (Samuel, 2013). The offeree makes every effort to notify him within a reasonable amount of time, unless the offer explicitly says that notification is not needed.

By Silence

Acceptance does not imply silence. Unless the offeree chooses to accept services/goods considering remuneration is anticipated, the proposer has provided the promisee with reasons to presume. Silence can convey agreement, if the promisee intends to accept an offer or if prior business ties insinuate a record of the offeree's silence expressing agreement.

Rolling Agreement Establishment

The agreement (acceptance/offers) is presented foremost, accompanied by any extra requirements. And how would the following parameters be used?

· Accept by failure to return goods: The purchaser may reject the offer by returning the products.

· Accepting conditions without understanding what they encompass. The buyer has the alternative of rejecting the proposal immediately.

· Think about the documented conditions to be a "validation."

Chapter 20: Remedies

Principles of Contract Remedy

Contractual redress seeks to reimburse plaintiffs on their operating damages due to the violation. If calculating the monetary loss is inconceivable, relief is highly improbable (Bronckers, 2015). Damages for emotional and psychological harm are subject to exclusions. Inquiry sequence: appropriate equal and fair relief, trying to compensate damages- look for emotional harm exemptions, file an appeal for expectation, reliance, and reparation, but only one can be awarded.

The Goals of Remedies (Promisee's interests that are protected)

Expectation: a willingness to recoup the advantages of the deal by putting him in the position he would have been in if the agreement had been fully met.

Reliance:a desire for remuneration for damages obtained due to reliance on the agreement by being positioned in the similar position as if the agreement had not been made.

Restitution: the desire to have any perks conferred on the opposing party restored to him (Bronckers, 2015).

Elements of Expectation Damages

Direct

The essential component of anticipatory damages. The difference in value between what they anticipated from the agreement and what they received. There is a typical variance between the contract cost and the price of an alternate agreement; or – The value of income lost if the contract is canceled.

Indirect

Profound (as a consequence of an agreement loss), like: -lost income from anticipated payments, property damage,personal harm Incidental —Costs associated with operating with a contravention, such as locating a replacement agreement, storing materials, and legal fees.

Dependency damages

As a substitute for anticipated damages, the primary objective is to revert the party involved in the pre-contractual predicament. Subordinate to the relatively similar conditions restrictions: parties have to create damages with adequate certainty and good introspection at collective bargaining (foreseeable) (Bronckers, 2015). No recovery is accessible if the amount of damage is fairly avoidable (mitigation). These restrictions, nevertheless, are less potent in a reliance frame of reference.

Restitution

The goal is to reinstate the significance of the financial advantage imparted on the agreement by accounting for the rewards he/ she obtained as a direct consequence of the parties' effectiveness (not the violation)

References

Bhanu, A., & Saini, N. (2020). Operational aspects of EContracts: A critical Study. International Journal of Management, 11(10), 1097-1110 https://d1wqtxts1xzle7.cloudfront.net/64841977/IJM_11_10_099-with-cover-page-v2.pdf?Expires=1654289616&Signature=g7uWHt7Bh2kNU3-R4OjTZmWALyQ4Sc3Hv3GNmtY9dvqd2Wy0saL6LCyZsXr7qNKFuzWHX6KjmXwD-5cQg9K4-PRxMdcR9FEfhP7liOKo9S9Ng8f0Z~vDrn~Dw6aqbZplw4zaDd8M4IZ-Dkk5IEdsi~XhgbM1odNygi9bc7EKB0RU-DIC4~6vCMwtjIRRazvTReRC3DAFl1WFmFfyzioV~TmUgLFFWpu6TAXVnpEaxtovcAh72XxZ48Hr8N22QHPnrsxqMAOcFxOf9IC1eT0Gj5WTbCjMVa2kFae8M1aY7Tgpy-MjiKP5Y5sInbxF430SjKCk3W0xLgMS9tzQCbOOsg__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA

Bronckers, M. (2015). Is investor–state dispute settlement (ISDS) superior to litigation before domestic courts? An EU view on bilateral trade agreements. Journal of International Economic Law, 18(3), 655-677. https://academic.oup.com/jiel/article-abstract/18/3/655/830142

Rowan, S. (2012). Remedies for Breach of Contract: A Comparative Analysis of the Protection of performance. Oxford University Press on Demand. https://books.google.co.ke/books?hl=en&lr=&id=3TofAQAAQBAJ&oi=fnd&pg=PP1&dq=Ch+16+Breach+and+Remedies&ots=o-2Si2O825&sig=g-TMjghvJG94hy5gYh7gXsyLTHo&redir_esc=y#v=onepage&q=Ch%2016%20Breach%20and%20Remedies&f=false

Samuel, G. (2013). Law of obligations & legal remedies. Routledge-Cavendish. https://www.taylorfrancis.com/books/mono/10.4324/9781843141433/law-obligations-legal-remedies-geoffrey-samuel

Stone, R., & Devenney, J. (2017). The modern law of contract. Routledge. https://heinonline.org/HOL/Page?handle=hein.journals/ajbio11&div=64&g_sent=1&casa_token=9_cVUrEFlecAAAAA:qDUD2X2N7xOqZM7v03Frv53Ieo4n4IirQen3qU23zXpK-YWlMmNIkgFjvfEDZIsYFKDRCnbF

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Law and Ethics

Submitted by: Michael de Leon

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Review of Subject

The main subject covered in this paper will be ethics and the laws. Ethics is described as the morals, principles, and values that determine or guide people's behavior. Ethics can be defined as the branch of philosophy that deals with the issues of how people ought to treat each other. It is sometimes described as the theory or set of theories that help people to determine what is right and wrong, or good and bad. On the other hand, the law is described as the regulations and rules that have been enforced by the authority to govern how individuals behave (Halbert & Ingulli, 2020). Laws are a system of rules set down by society to protect individuals from harm and ensure society's orderly conduct. The laws are enforced by the police, the courts, and the prison system. The paper will also cover the connection between law and ethics.

Discussion

The world of business is becoming increasingly global. This has caused many problems for businesses and individuals. It has increased the complexity of international trade and, second, it has increased the number of disputes. Suppose we want to avoid disputes, we have to find ways to work together. The ethics and law in a business are that they are the set of rules that everyone is expected to follow, and they often do. They are the foundation of our society, but as the world becomes more global, we are seeing a rise in the importance of laws and ethics in governing international business and trade. Elsharkasi (2020) suggests that ethics and law are important in business because they help to ensure that business is conducted in a fair and lawful manner. They also provide guidelines for how to behave in a business setting, which helps to increase the ethical behavior of business owners and professionals. Ethics and law also help to ensure that the interests of business are protected, which is important in a business environment where the economy is often based on a few large companies, and the interests of small businesses can sometimes be overlooked.

Ethics and law in a business are inseparable. They are both important and interrelated. Ethics teaches us how to behave as a person. Law teaches us how to behave as a business. A business needs to be ethical, but the law is also critical for its success. The law can help regulate how a business interacts with its customers, employees, and the community and can help protect consumers from being deceived or taken advantage of. It can also protect the company from being liable for its actions. An ethical and legal framework for employees in a business or organization exists when the conduct of those employees is governed by rules, laws, policies, and procedures that are clearly set and consistently enforced (Rendtorff, 2019). This framework is often referred to as the code of conduct or code of ethics. It is a set of standards that define the expected standards of behavior for employees in a particular organization. The code of conduct provides standards for employees’ conduct, and it is often the first line of communication for the organization on ethical matters. It helps to establish a standard of behavior for all employees, making it easier for the organization to hold those who do not follow the code accountable.

Although ethics and law are very different, they both apply to business in the same way. Ethics and law are two important concepts that apply to businesses in the same way as ethics and law in the outside world. They help businesses act responsibly and legally and prevent them from harming people or the environment. Ethics and law are a set of rules that businesses and other organizations must follow to ensure that they act responsibly and legally and that they do not harm people or the environment. They are defined differently depending on the context, but ethics and law refer to the same thing in a business context.

Conclusions

Ethics in business is the set of rules and principles that a person or organization considers important when making decisions in a business context. It relates to how a person or organization should behave in certain situations. The term ethics in business is sometimes used in a different way to refer to the principles and values that govern a business or to describe the way a business behaves in a particular situation. Ethics relate to how a business should behave in certain situations, such as making decisions about the business, investing money, and hiring and firing employees.

References

Halbert, T., & Ingulli, E. (2020). Law and ethics in the business environment. Cengage Learning.

Elsharkasi, F. (2020). The Difference Between Ethics, Law, and Morality.

Rendtorff, J. D. (2019). Sustainability and Business Ethics in a Global Society. In Philosophy of Management and Sustainability: Rethinking Business Ethics and Social Responsibility in Sustainable Development. Emerald Publishing Limited.

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